Another View: Do-gooders harrumph, but payday loans work

State Sen. Ron Calderon, D-Montebello, is responding to the Nov. 2 editorial "Time to say 'no' to payday loan sharks." The editorial stated, "As we put it in 2009, payday loans are a 'modern-day form of usury.' California needs to follow the lead of the Defense Department and other states and give this lending practice a pink slip."

So, The Bee and San Jose Mercury News are out to save low-income borrowers from payday-lending "sharks" who float small loans to those in need until their next paycheck. But who'll protect the responsible and happy customers of payday lenders from do-gooders like those on The Bee's editorial board and Mercury News?

Merriam-Webster dictionary defines a do-gooder as an "earnest" and "often naive" humanitarian or reformer. Add misguided and paternalistic. Claiming the moral high ground, do-gooders think they know what's best for those with less.

Do-gooderism was on parade Sunday, Oct. 30, in an "investigative" piece in the Mercury News and a Bee editorial the following Wednesday. Basing its editorial on the Mercury News report – a big mistake – The Bee wrote that those borrowing from payday lenders become entrapped in a "spiral of debt." Both papers say payday lenders should be banned.

My constituents think otherwise.

Sandra Vazquez, a health care specialist and mother of three, said proponents of a ban should walk in her shoes. "They must have money," she said.

Her family is middle class. But with a child in college the bills pile up. Payday loans help her avoid late-payment fees and dings to her credit. Eliminating payday loans "would jeopardize a lot of people," she said, "and not just low-income people."

Do-gooders ignore the fact that the vast majority of payday borrowers are satisfied, responsible customers like Vazquez. Furthermore, most borrowers aren't low-income at all, making an average $55,000 annually. Teachers and nurses are the most frequent borrowers, according to industry data. But let's not let the facts get in the way of a righteous story or editorial.

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